Klaviyo price target lowered to $45 from $56 at Needham

Needham analyst Scott Berg lowered the firm’s price target on Klaviyo (KVYO) to $45 from $56 and keeps a Buy rating on the shares. The company reported impressive Q1 results led by upmarket execution and international traction continuing to drive recent outperformance, though the firm’s price target cut reflects software multiples trending lower due to macro uncertainty, the analyst tells investors in a research note.